In the mobile payment ecosystem, and particularly in high-growth markets, there is a need to update and modify a consumer's, agent's, or merchant's set of features frequently. Similar needs are met in other areas of business such as insurance or rental related services.
The need arises from the fact that in growth markets services such as financial or insurance services are nascent and new features and updates are introduced with high frequency. At growth market, end-users also frequently elevate from one consumer category to another and gain access to new services. For example, end-users may initially use a mobile payment service without providing any legal documents (if permitted by applicable regulations) to initially use closed-loop products before executing a proper know-your-customer process and gain access to semi-closed or open loop services, where features might be broader.
As a consequence, companies aiming at providing services such as financial, insurance, or rental services through mobile applications in high-growth markets and in a context of limited connectivity may face the challenge of updating and modifying the set of features available on their mobile service applications.